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Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
 Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the industry, but so far it seems that those who feared of major problems for global shipping have not been verified and it looks like we have avoided the destructive consequences. Lack of availability of the VLSFO, massive breakdowns of main engines from poor blends, detentions from non-compliance where just some of the warnings and the possible problems that many were expecting, and none of it has happened so far, at least to a widespread extent. It hasn't been smooth, but fortunately there hasn't been any disruption of the world trade.
Unavailability of the fuel which was for a long time the biggest concern does not seem to be an issue; compliant fuels are available and supply will only improve. Also, although it may be too soon to spot a pattern from the incompatibility from the fuel blends, so far there have been no major events.
From the world fleet of thousands of vessels, we have the first reported cases of breaches of compliance with the IMO2020, as the Chinese authorities have caught two vessels for low sulphur fuel violations. There can be fines or detentions but I would guess that it is still too early and the authorities are still a bit lenient on imposing strict penalties.
The biggest problem is the price of the fuel, which is very similar to MGO and very close to the highest levels that the shipowners have ever paid for heavy fuel. This is not entirely an IMO2020 effect, the high oil prices are mostly courtesy of the trade wars, torpedo attacks, air strikes, missile strikes and the other events that sent the oil price to the recent highs. However, the spread between the compliant fuels and the HFO, which is currently getting cheaper, has peaked from $280/mt up to more than $400/mt in some major bunkering ports and the fact is that most owners are experiencing high and uncertain heavy fuel oil price levels.
So this is good news for those owners who rushed to install scrubbers, invested millions and suffered 60 days or more of lost earnings. It's payback time for them as they get better charter rates and see their investment's payback time to get shorter and shorter.
We expect the 0.5% compliant fuel to get increasingly cheaper as more of the product becomes available, refinery inventory builds up, and as more companies and tankers/barges start delivering it. Furthermore, according to news agency Reuters, China has approved a long-awaited tax waiver on exports of the compliant fuel, paving the way for Chinese refiners to boost production of the 0.5%. Although initially shipments will focus on the coastal marine fuel market, this tax waiver will definitely impact both the supply and the price of the VLSFO.
Global shipping is a beast, an enormous organism, that at first seems to be very slow to react, but in fact once again it has proven to be very flexible and relatively quick in adapting. Most shipowners have been operationally well prepared in making the transition smooth and are now ready to focus in the commercial side of things and the shipping market itself.
By Theodore Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Latin American Coal - Colombia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Australian Coal Association
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